The decrease in trade decelerated

According to Statistics Estonia, in June 2014, exports of goods increased by 1% and imports decreased by 1% at current prices compared to June of the previous year. In the first half-year of this year, the decrease in exports and imports was mostly influenced by a fall in the trade of electrical equipment and transport equipment.

In June, exports from Estonia amounted to nearly 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 156 million euros and it decreased by 19 million euros compared to June 2013.

The biggest share of Estonia’s exports was held by electrical equipment (22% of Estonia’s total exports), followed by mineral products (12%) and wood and products thereof (10%). Compared to the same time of the previous year, export growth was significantly influenced by an increase in the exports of mineral products (up by 19 million euros), electrical equipment (up by 9 million euros) and wood and products thereof (up by 8 million euros). At the same time, there was a decrease in the exports of the raw materials and products of the chemical industry.

In June, the main commodities imported were electrical equipment (a fifth of Estonia’s total imports), mineral products (13%) and agricultural products and food preparations (11%). Compared to June 2013, the biggest decrease occurred in the imports of transport equipment and mechanical appliances (down by 26 and 16 million euros, respectively). At the same time, the imports of electrical equipment increased by 10 million euros.

The top destination country of Estonia’s exports in June was Sweden (18% of Estonia’s total exports), followed by Finland (16%) and Latvia (11%). The biggest increase occurred in exports to the USA (up by 13 million euros) and Finland (up by 12 million euros). Exports to the USA increased the most of mineral products and of electrical equipment, but to Finland of electrical equipment and metals and products thereof. There was a significant decline in exports to Russia (down by 15 million euros). Exports to Russia decreased due to reduced exports of agricultural products and food preparations (incl. cheese, pork, spirits), and textiles and products thereof.

The main countries of consignment in June were Finland (15% of Estonia’s total imports), Germany (11%) and Sweden (11%). Compared to June of the previous year, there was a significant decrease in imports from Poland (down by 24 million euros) and Lithuania (down by 13 million euros). There were decreased imports of transport equipment (incl. rolling stock) from Poland, and decreased imports of mineral products (incl. motor spirits) from Lithuania. Imports from Russia increased the most (up by 24 million euros), due to bigger imports of mineral products (incl. heavy oil).

In the first half-year, exports decreased by 6% and imports by 4% compared to the same period of the previous year. So, in this comparison, the decrease of both exports and imports was mostly influenced by electrical equipment and transport equipment (incl. ships and railway wagons).

In the first half-year, exports also decreased for jewellery and raw materials and products of the chemical industry. At the same time, there was an increase in the exports of miscellaneous manufactured articles (incl. furniture, prefabricated buildings), wood and products thereof, and spirits.

The decrease of imports in the first half-year was also influenced by a fall in the imports of the raw materials and products of the chemical industry, mechanical appliances and mineral products. At the same time, the imports of articles of plastics and rubber, textiles and products thereof, and spirits increased.

Read more from Statistics Estonia

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